Albertville-based Progress Rail to acquire Electro-Motive Diesel

ALBERTVILLE -- Progress Rail Services has signed an agreement to purchase Electro-Motive Diesel for $820 million in cash from Berkshire Partners and Greenbriar Equity Group.

Upon completion of the transaction, EMD will become a wholly owned subsidiary of Progress Rail, a wholly owned subsidiary of Caterpillar.

Albertville-based Progress Rail is one of the largest providers of rail and transit products and services in North America. Its services include locomotive upgrade and repair, railcar remanufacturing, trackwork, rail welding, rail repair and replacement, signal design and installation, maintenance of way equipment, parts reclamation and recycling.

"The acquisition of EMD will enable us to provide rail and transit customers an industry-leading range of locomotive, engine and emissions solutions, as well as unmatched aftermarket product and parts support and a full line of rail-related services and solutions," said Progress Rail CEO Billy Ainsworth.

Progress Rail has more than 4,300 employees in 125 locations across the United States, Canada, Mexico, Brazil, Italy, Germany and the United Kingdom.